Cross-chain asset protocol Universal announces gradual shutdown, users can redeem assets within 60 days, officially closing on November 17

PANews reported on September 20 that cross-chain asset protocol Universal announced it has decided to gradually shut down the Universal protocol because user adoption over the past two years has not reached the level needed to sustain the protocol over the long term. The protocol will continue operating normally for 60 days until November 17, and existing infrastructure and the underlying asset support for uAssets will not be affected. During the shutdown period, users can sell uAssets through the Universal app, or directly redeem the underlying assets through the mint and redeem interface; large redemptions can be handled by contacting the team. After November 17, the protocol will officially close, and remaining uAssets will be redeemed through smart contracts; uSOL, uXRP, uDOGE, uADA, uBTC, and uLTC on Base will be converted into their corresponding bridged assets, while other uAssets will be converted into USDC. The final redemption assets and smart contract information will be announced before the shutdown.